In a significant blow to international organised crime, the United States Treasury Department has unveiled sweeping sanctions against Cambodian business magnate Chen Zhi and his sprawling corporate empire, Prince Group. The move exposes what officials describe as a sophisticated cybercrime network operating with impunity from the coastal city of Sihanoukville.
The Man They Called 'The Prince'
Chen Zhi, a Chinese-Cambodian national who obtained Cambodian citizenship through the controversial financial support programme, built a vast business portfolio spanning real estate, banking, and tourism. Behind this legitimate facade, US authorities allege, lay a complex web of digital fraud and money laundering operations.
The sanctions target Chen Zhi personally along with multiple entities within his Prince Group conglomerate, effectively freezing any US-based assets and prohibiting American citizens and businesses from engaging with them.
Sihanoukville: From Tourist Haven to Cybercrime Hub
Once a popular backpacker destination, Sihanoukville underwent a dramatic transformation into a gambling and investment hub, largely driven by Chinese capital. The US Treasury statement suggests Chen Zhi's operations played a significant role in this metamorphosis, using the city as a base for international cybercrime activities.
Investigators believe the group operated sophisticated "pig-butchering" scams - elaborate romance and investment fraud schemes that gradually build trust with victims before convincing them to transfer large sums of money.
Global Reach, Sophisticated Methods
The criminal enterprise allegedly employed hundreds of operatives who:
- Created fake romantic relationships through dating apps and social media
- Promoted fraudulent investment opportunities in cryptocurrencies and stocks
- Used sophisticated laundering techniques to process illicit gains
- Operated from compounds in Sihanoukville with limited outside access
Victims span multiple continents, with losses estimated to run into hundreds of millions of dollars. The operation's scale and organisation have drawn comparisons to criminal syndicates previously sanctioned for similar activities across Southeast Asia.
International Response and Implications
This action represents the latest in a series of global efforts to combat cybercrime networks operating from Cambodia and neighbouring countries. The sanctions send a clear message that the United States will target the financial infrastructure enabling these sophisticated operations, regardless of where they're based.
Cambodian authorities face increasing pressure to crack down on criminal enterprises operating within their borders, particularly those exploiting the country's economic development zones and citizenship-by-investment programmes.
The case highlights the evolving nature of organised crime in the digital age, where business moguls can allegedly build empires that blend legitimate enterprise with sophisticated cyber fraud on an industrial scale.
